Cordiant Digitat – Full Year Results

Cordiant Digital Infrastructure Limited

Annual Report for the year ended 31 March 2026

Five years of value creation; another strong year and a platform for growth

Cordiant Digital Infrastructure Limited (the Company), the largest specialist operator of and investor in digital infrastructure on the London Stock Exchange, is pleased to announce its financial results for the year ended 31 March 2026.

Highlights:

• The Company delivered strong financial results in the year to 31 March 2026, supported by robust operating performance across the portfolio and disciplined value-creation initiatives.

• Aggregate adjusted EBITDA and revenue of the portfolio increased by 7.8% and 9.9%, respectively, on a constant currency basis, excluding the contribution from Datacenter United (DCU), which was acquired in February 2025.¹

• NAV per share increased to 146.0p at 31 March 2026 (31 March 2025: 129.6p, or 127.4p ex-dividend), generating a total return of 16.3% on the ex-dividend opening NAV, or 12.3% excluding the impact of FX.

• Shareholder total return for the year, assuming dividends reinvested, was 24.6% (31 March 2025: 43.1%). Since year end, as of market close on 17 June 2026, the share price has risen by 22.7% and the share price discount to NAV was 14.7% (17 June 2025 discount: 25.5%).

• Since IPO in February 2021, the Company has achieved an annualised NAV total return of 14.0%² with a total shareholder return of 51.7% as of market close on 17 June 2026.

• Growth in earnings was driven by contract wins, the benefit of contractual price escalators, disciplined cost management, and the positive impact of bolt-on acquisitions. Value creation during the year reflected both underlying operational performance and valuation developments. The inclusion of the development land value of Prague Gateway, together with the market value of all real estate assets intended to be sold by CRA, contributed to NAV growth.

• This strong financial performance has been delivered alongside significant strategic and operational progress, including:
  • completion of groundworks and sewerage installation for CRA’s flagship Prague Gateway data centre development with up to 26MW of available power, following receipt of the requisite zoning and building permits; the project is about to move into the main construction phase with a growing pipeline of prospective customers;
  • completion of the 1.3MW Žižkov data centre expansion in Prague;
  • new contract wins and product development; and
  • completion and ongoing integration of four bolt-on acquisitions expected to be value accretive, including enterprise and wholesale fibre assets in Ireland, a data centre in Poland, and IPTV, OTT and radio streaming capabilities in the Czech Republic.

• Revenue visibility is supported by £952.1 million of total contracted revenue across the portfolio for the remaining life of contracts at 31 March 2026.³

• Growth capital expenditure of £49.4 million incurred in the year by portfolio companies to support revenue growth with nearly half of this amount relating to data centres.

• Total dividend in respect of the year ended 31 March 2026 increased by 2.3% to 4.45p per share, up from the prior target of 4.35p. The dividend was covered 1.7x by adjusted funds from operations (31 March 2025: 1.7x), with a forward target of 4.45p per share. Over the past four years, the Company has delivered annualised dividend growth of 10.4%.

• The ratio of total external net borrowings, calculated on a look-through basis across the Company and all its direct and indirect subsidiaries, to gross asset value, remains stable at 40.1% (31 March 2025: 40.3%). There are no external debt facilities maturing until June 2029. The Company and its subsidiaries retain £220.2 million (31 March 2025: £231.0 million) in total liquidity, comprising £74.3 million in cash and £145.9 million in undrawn debt facilities.⁴

• The Company was admitted to the FCA’s Official List on 30 April 2026. Its inclusion in the FTSE 250 index was announced on 3 June 2026 and will become effective on 22 June 2026.

• 17.4 million (18 June 2025: 15.4 million) shares now held by Steven Marshall, other members of the Investment Manager’s digital infrastructure team, Cordiant Capital Inc⁵, and the Company’s non-executive directors, representing 2.3% (18 June 2025: 2.0%) of shares outstanding.

• Management fees for the year ended 31 March 2026, calculated on market capitalisation, represented 0.68% (31 March 2025: 0.63%) of the average of the opening and closing NAV for the period.

1. Refer to footnotes under Figure 1 in the Investment Manager’s report regarding the composition of pro forma revenue and EBITDA and associated adjustments.
2. 14.0% assumes additive reinvestment of dividends and is annualised as a simple arithmetic average. On a compound annualisation basis with multiplicative reinvestment of dividends, the equivalent figure is 11.3%. This is ahead of the Company’s annual total return target of 9.0%.
3. Contracted revenue for DCU is pro-rated for the Company’s economic stake of 37.4%. Czech National Bank target inflation rates applied only on contracts with automatic indexation clauses for CRA’s contracted revenue portion. All other figures are in real terms.
4. Total cash, borrowings and undrawn debt relating to DCU have been pro-rated for the Company’s economic stake of 37.4% in the company.
5. Cordiant Capital Inc. including its shareholders.

Outlook

The Company and its portfolio companies remain well positioned to benefit from structural growth in demand for digital infrastructure, driven by increasing data consumption, cloud adoption and the development of AI. Near-term performance is expected to reflect recent customer churn and project phasing, with new business anticipated to support momentum as the year progresses. Supported by resilient earnings and cash flows, strong operational performance, a diversified asset base, significant contracted revenues and a broad pipeline of growth opportunities, the Company continues to see a clear pathway to delivering attractive long-term returns for shareholders.

Commenting, Shonaid Jemmett-Page, Chairman of Cordiant Digital Infrastructure Limited, said:

“The Company has delivered another year of strong performance, reflecting the quality of the portfolio and disciplined execution of its strategy. Since IPO, we have consistently delivered against our objectives, generating attractive NAV total returns while growing earnings and dividends, and building a diversified platform of high-quality digital infrastructure assets. This progress continued in the year, alongside our admission to the Official List and forthcoming inclusion in the FTSE 250. While we are encouraged by recent share price performance and some narrowing of the discount to NAV, the Board believes that the share price does not reflect the Company’s underlying performance and long-term prospects. We remain confident in our ability to deliver attractive returns for shareholders.”

Commenting, Steven Marshall, Co-founder, Executive Chairman and Managing Partner, Cordiant Digital Infrastructure Management, said:

“We are pleased with the operational performance delivered by the portfolio over the past five years. The Company benefits from a portfolio of high-quality digital infrastructure assets, supporting blue-chip and government customers through long-term contracts in growing markets. Our core businesses are leaders in their respective markets and continue to expand their infrastructure coverage, both through the construction of additional assets and bolt-on acquisitions that further strengthen their customer offering.”

Annual results webcast for analysts

The Company will be hosting an analyst meeting at 10.00am London time at the offices of Deutsche Bank, 21 Moorfields, London, EC2Y 9DB. For those wishing to attend, please contact Charles Denley-Myerson at Celicourt via CDI@celicourt.uk.

The Annual report and accounts for the year ended 31 March 2026 will be available to download at www.cordiantdigitaltrust.com/investors/results-centre/